Mr. Fibs - 4/22/24 Market Analysis

Good morning traders and investors. This week we have a fairly busy calendar. In addition, we are getting into the thick of earnings season. For economic events, we will be closely paying attention to PMI, GDP, Jobless Claims, and PCE. Notable earnings this week include some of the bigger names in communications, autos, tech, entertainment, and more. I will be paying close attention to VZ, GM, UPS, GE, PEP, TSLA, BA, META, IBM, F, CMH, MSFT, GOOGL, INTC, SNAP, ROKU, XOM, and CVX. Full earnings calendar below

We do have a Fed blackout until next Wednesday (March 1st). So there may be a reaction to the PCE data, but we wont know the Fed’s thought’s on their preferred measure of inflation until then. With a large focus being on MSFT, GOOGL, META, TSLA earnings reports a lot of focus will be on tech. I think META has the ability to perform well and TSLA, maybe not so much if they do not have the best guidance.

In today’s analysis, I will mostly focus on updating the full list of chop zones as well as explain some of the price action clues that I will be looking for to inform some of my decision making and trading given the busy week.

Economic Calendar

MONDAY, APRIL 22

None scheduled

TUESDAY, APRIL 23

9:45 am S&P flash U.S. services PMI

9:45 am S&P flash U.S. manufacturing PMI

10:00 am New home sales

WEDNESDAY, APRIL 24

8:30 am Durable-goods orders

8:30 am Durable-goods minus transportation

THURSDAY, APRIL 25

8:30 am GDP

8:30 am Initial jobless claims

8:30 am Advanced U.S. trade balance in goods

8:30 am Advanced retail inventories

8:30 am Advanced wholesale inventories

10:00 am Pending home sales

FRIDAY, APRIL 26

8:30 am Personal income (nominal)

8:30 am Personal spending (nominal)

8:30 am PCE index

8:30 am PCE (year-over-year)

8:30 am Core PCE index

8:30 am Core PCE (year-over-year)

10:00 am Consumer sentiment (final)

I probably will just be focused on the setups I mentioned in the discord last week. Otherwise, I’m sizing appropriately for everything going on this week.

Level and Analysis